The group’s preliminary annual results to 31 December 2014 reported that unit trust arm RUTM took its FUM to £2.5bn, a 38.9% increase on the prior year.
Meanwhile, Rathbone Investment Management’s FUM experienced a net annual growth rate of 19.6%, more than double that of the preceding 12 months.
Contributing to this figure was £3.2bn of acquired inflows, a 443% increase on the 2013 total. Of this, £2.6bn was related to the purchases of Jupiter Asset Management’s private client business and Deutsche Asset & Wealth Management in April 2014.
An increase in Rathbone IM’s underlying operating income – which grew by 12.1% to hit £185.3bn – was offset by an operating expenses rise of 10.6%, taking the 2014 outlay to £139.3bn.
At group level, Rathbone Brothers saw total FUM rise by 23.6% over the year. The results, released today (19 January), showed total FUM to have risen to £27.2bn, a £5.2bn jump on the £22bn recorded a year previously.
Rathbones’ net organic growth and underlying rate of net organic growth dropped to £0.8bn and 4%, both below the 2013 figures of £0.9bn and 5.4% respectively.
Pre-tax profit of £45.7m for the group in 2014 represented a 3.4% increase on the 2013 total, yet saw basic earnings per share drop by 0.3% to 75.9p, down from 76.1p the previous year.
However, the Rathbones board recommended a 33p final dividend for 2014 – up from 31p in 2013 – and a total of 52p for the year.
Rathbones chairman Mark Nicholls said: “2014 was a challenging year for most investment markets, which became increasingly volatile in the second half. Despite this, Rathbones had another good year and achieved strong and broad-based growth.
“Rathbones looks forward to future growth opportunities in the sector, but remains aware of the possible adverse market effects that current political and economic uncertainty, both in this country and overseas, may have.”
